Global Wind Report 2024- Key Highlights

Context

According to the latest Global Wind Report 2024, the world installed 117 gigawatts of new wind power capacity in 2023, a 50% increase from the year before.

Key Highlights of Global Wind Report 2024

• Year-on-Year Expansion: Observed across 54 countries on all continents.
• Global Installed Onshore Wind Capacity: Surpassed 100GW mark for the first time, growing by 54% year-on-year.
• Global Offshore Wind Installations: Reached 10.8GW in 2023.
• Cumulative Global Wind Power Capacity: Exceeded 1-terawatt (TW) milestone, reaching 1021GW, with a 13% year-on-year increase.
• Yearly Growth Rate: Needs to triple to install 320GW of new capacity yearly by 2030 to achieve net-zero emissions by 2050.
• Regional Progress on Wind Energy:
  • China: Installed record 75GW of new installations.
  • Top Markets: US, Brazil, Germany, India.
  • Asia-Pacific: 106% year-on-year increase, led by China.
  • Latin America: 21% increase, led by Brazil.
  • Africa and Middle East: Surged by 182%.

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Challenges in the Wind Energy Sector

• Supply Chain Constraints: Global supply chain disruptions have impacted the availability and cost of wind turbine components, especially from dominant producers like China.
• Permitting and Regulatory Hurdles: Slow and complex permitting processes delay project deployments, significantly hindering growth in the wind sector.

• Technological Limitations: Existing wind turbine technologies face limitations in efficiency, especially in lower wind speed regions.
• Market and Financial Challenges: The wind sector often experiences financial instability due to fluctuating policy support, market volatility, and competitive pricing pressures.
• Environmental and Social Impact Concerns: Wind projects can face opposition due to their environmental impact on wildlife and the local community concerns about noise and aesthetic disruption.
• Interconnection and Grid Integration Issues: Integrating large-scale wind power into the existing grid poses technical challenges due to the variability and location-specific nature of wind energy.

Way Forward to the Wind Energy Sector

• Integrated Approach: The report advocates for a comprehensive strategy involving public/private partnerships to drive substantial investment into wind energy.
• Policy and Market Development: It emphasizes the need for stable and attractive policy environments that ensure reasonable investment returns and recognize the socioeconomic benefits of wind energy.
• Global Supply Chain Security: The report suggests building a robust supply chain with managed competition and advises against protectionist trade policies that could increase costs for consumers.
• Technological and Production Innovations: The report calls for industry collaboration in technical development and standardization to streamline production and ensure environmental, social, and governance (ESG) compliance.
• AI and Machine Learning: It recommends harnessing AI for supply chain and siting optimization while managing workforce transition and cybersecurity risks.
• Grid Infrastructure Development: The report stresses making grid development a cross-cutting policy priority, with emphasis on investment in grid flexibility and cross-border integration.
• Equitable Industry Transition: The report emphasizes on achieving socioeconomic cohesion and inclusivity within the wind industry, promoting pathways for workers transitioning from high-carbon sectors.

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